TICO says it aggressively engaged in production and global sales promotion activities for its forklifts.

Toyota Industries Corporation (TICO) has reported a 7% or JPY102.1 billion rise in total consolidated net sales to JPY1.480 trillion (USD18.3 billion) from fiscal 2010, despite being affected by the Great East Japan Earthquake in March.

TICO says for fiscal 2011 (ended 31 March 2011), the Japanese and global economy recovered gradually and the company made efforts to boost its management platform and respond quickly to the recovery trend and sales growth. However, TICO was forced to partially suspend production following parts supply problems from suppliers after the earthquake.

The group's materials handling equipment business benefited from the recovery in emerging markets, Europe, and the US. TICO says it "aggressively engaged in production and global sales promotion activities" for its forklifts, which are a mainstay product of the segment. Net sales for the materials handling segment increased 14% or by JPY59 billion (USD728 million) to JPY490.6 billion (USD6.1 billion).

Net sales for TICO's automobile, engine business, car air-conditioning compressor business and textile machinery segments saw increases of 3%, 20%, 8% and 105% respectively. Its vehicle business segment saw a decrease of 6%, due to declining sales of the Rav4 and Mark X Zio vehicles.

Despite rising raw materials prices and exchange rate fluctuations, TICO recorded an overall increase in net sales and maintained a reduction in fixed costs. It posted a consolidated operating income of JPY68.7 billion (USD847.7 million), 213% or JPY46.7 billion (USD576.3 million) higher than fiscal 2010. An extraordinary loss of JPY4.6 billion (USD56.8 million) was recorded, resulting from the Great East Japan Earthquake.